Specialty insurer Inigo Limited has introduced a new product, the Inigo Crime Excess, designed to enhance protection against evolving financial crime threats, including social engineering fraud and digital asset losses. The announcement comes in response to the growing sophistication of cybercrime, driven in part by artificial intelligence (AI).
The Inigo Crime Excess is a DIC/DIL (difference in conditions/difference in limits) policy is intended to complement existing US bond policies. It offers top-up coverage for standard crime clauses and can also drop down to cover social engineering and digital asset fraud, areas where traditional policies may fall short.
“With the rise in cybercrime, particularly AI-driven social engineering fraud, many business leaders are rightly concerned,” said Tom Falkner, an underwriter leading the new product. “Traditional coverage in the US often falls short of addressing these evolving risks. To bridge this gap, we’ve developed a flexible, complementary solution.”
According to the UK Government’s Cyber Security Breaches Survey 2024, 58% of large businesses in the UK have experienced a cyberattack within the last 12 months, with phishing being the most common at 84% of cases. AI has expanded this threat landscape by enabling the automation of phishing campaigns and the use of AI-generated media to bypass security.
The new product aims to address a clear need for more appropriate insurance types to cover the changing nature of financial crime. It allows clients to maintain their existing primary carriers and policy wordings while gaining broader coverage with the added benefit of Inigo’s claims handling. The policy also offers optional inclusion of digital asset loss coverage.
The announcement comes amid an evolving regulatory landscape, reflecting the severity of these threats. The UK government is introducing a new “failure to prevent fraud” offence, set to come into force on Sept. 1, 2025, under the Economic Crime and Corporate Transparency Act. It will place greater legal responsibility on businesses to protect themselves and their customers from financial crime.
The product’s launch leverages Inigo’s global licensing through Lloyd’s, providing cover in over 200 territories worldwide and a financial strength rating of AA-.
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